default: "just stop asking this question"... and make your payments! or....? - 12/29/10 05:51 AM
I think it would be rude to just tell your client to stop asking me that question! I think it would be wrong for me to say that is a question you just don't have the right to ask me! And I think it would be wrong for me to just try to go on and answer that question....
Now you ask ~ what is the question? The question is when a homeowner that is in mortgage trouble, turn to you (the Real Estate Professional) and ask "please tell me its OK for me to stop making my mortgage payments - … (3 comments)
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default: A Twist and a Turn - gets you right back to more defaults! - 01/25/10 02:30 AM
Speaking of clogged systems....
Will loan modification ultimately turn out to be just another twist and turn, step up 1 and back 2 to end up right inside another clogged system?
It is said to take upwards of 6 months to get a loan modification in place (from filing, getting qualified to try, to trial modification to going permanent modification).
The ratio of modifications "in process" has "ballooned" from (2008) 3-1 to 7-1 in late 2009.
Check this out!
Say WHAT?
Repeat: 72% of completed modification result in an increase in the principal balance of the mortgage!
But how?
Delinquent interest … (1 comments)
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default: Yes, Homeowner.....There IS a Pink Elephant in the House! - 01/03/10 03:29 PM
I want to first let you know that I love elephants! Not sure why, but that my wild animal of choice.I have an awesome collection of elephants that I am ever so proud of.
This is really about homeowners that are upside down and having problems with their mortgage. This is to let you know that while there is a safari in some folks eyes - I know for sure there are a few cute little pink elephants in the house - and honestly they are not cute and they are not little!
You hear alot of pros and cons … (0 comments)
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default: Short Sales: Borrower(s) Are you ready? .....Answers/items to have for your agent - 10/29/09 07:43 PM
If you feel you may be in need of a short sale, you should do your homework on what you will need to have to provide to the agent. ADVICE: Choose an agent that knows how Short Sales work, have experience with short sales and is willing to do a short sale. In addition it is always a good idea to show your identification to the agent to be sure they know that you have the right to sign to list and sell the property.
First thing to do: Contact your lender and request a loan modification or other options.
Here … (4 comments)
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default: Announcing the Race to ....."Deep Waters" --- who's next to go Under? - 06/03/09 11:49 PM
What states are out front in this race to the deep waters?
California, Nevada, Arizona and Florida, with Michigan, Ohio and Illinois close runners up. This is about the number of homeowners that are affected by being under water with their mortgage loans. This includes those that purchased or those that have refinanced their properties and cannot keep up the payments.
Some of the reasons is that these homeowners are finding themselves up side down right at the point of their loan changing from one payment amount to a larger payment. Some are finding that they are in hardship due to: … (0 comments)
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default: 4016 Kimball Lane, Stockton, CA 95206 - 11/01/08 03:02 PM
↑ Grab this Headline Animator
… (3 comments)
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default: Default properties... what kind of buyer is an agent looking to represent? - 02/02/08 11:46 PM
What kind of buyer is an agent looking to represent ... if the property is in default?
Disclaimer: All buyers are welcome to purchase what they can afford.
However, the purpose of this post is to say... An agent should NOT represent a buyer if these four points are true:
1. The buyer will not use the preoperty as a personal residence.
2. The Seller is occupying the property in any manner as their primary or principal residence.
3. The property is one-to-four family dwelling units.
4. There is an outstanding notice of default recorded.
If someone calls you on a listing that you have and all four … (8 comments)
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default: I live in Stockton, CA (San Joaquin County) -- My property needs work, can I still do a short sale? Part II - 01/26/08 09:39 PM
This is Part II. See I live in Stockton, CA (San Joaquin County)- Is a Short Sale right for me? Part I
The answer to this question is YES! You can still do a short sale even if your property is in rough shape and needs work done to it. The lenders will probably be more motivated to do a short sale on a property that needs work than on a property that is in great shape. Look at it like this... if the property is well kept and comparable to the high end of the comps, the lender knows that they … (3 comments)
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default: Short Sale: Do you have to be in default to get a short sale approved? - 01/26/08 09:27 PM
If you are current on your mortgage, will your lender consider a Short Sale?
The answer is maybe. Some lenders will accept a Short Sale file for approval on loans that are not delinquent. Not that many are documented. Other lenders will not accept the file until the loan is delinquent. The best way to find out is to put together your short sale package (do it right away) and see if the lender will approve it with it being current.
Keeping in mind that being in default is on the list of things that a lender looks at to consider a … (11 comments)
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default: Is GMAC trying to take the "short" out of Short Sales? - 01/05/08 02:51 PM
Here are some of GMAC guidelines for approving a Short Sale.
There are so many owners that have GMAC loans that live in the San Joaquin County CA area (especially Stockton, Modesto and other surrounding areas). GMAC is a household name from homes to automobiles, but yet they are getting known as one of the harder to deal with when it comes to short sale approvals.
Whereas they probably was one of easier lenders to get a home loan with at the beginning of the loan. How does that work? This information should be useful if you have or will run … (33 comments)
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default: What a Short Sale is ...N O T! - 01/04/08 10:03 PM
A short sale is when you owe more than your home is worth AND you list and receive a formal offer that is approved by the lender BUT it is for less than what you owe on the mortgage.
And BEWARE of verbal agreements. Get it in writing... the only way it is an agreement is in writing.
Want more tips? Give me a call at 866-750-8282 or visit our site at http://www.motheranddaughterrealty.com/
For free market evaluation of your home visit http://www.motheranddaughterrealty.com/
Check out my Mother and Daughter Blog for other tips for Sellers and Buyers. I work with my daughter as the Mother … (30 comments)
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default: Sample letter: Requesting Short Sale Approval from Second Lien holder - 01/01/08 05:49 PM
OK here's the situation: You have 2 loans - for the purpose of this example lets give them names: (Mort =First Loan) and Gage = Second Loan): This example is for those of you that have Two different both lenders. Mort(1) tells you that they will not be able to approval a short sale unless YOU get Gage(2) to approve first. The reason is because Gage(2) will get a significant smaller amount of money on the amount owed.
Lets put some figures on this situation: Mort(1) is for $500,000 and Gage(2) loan is for 100,000. However, if a short sale is approved by Mort(1), … (6 comments)
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default: Listen up! California passed new laws! That may affect you.... - 01/01/08 01:35 AM
2008 California Laws
1. DUI and kill someone, you will be facing murder charges.
2. Smoke in the car with a minor child (under 18) and you will be fined. California's ban would prohibit smoking in a vehicle containing anyone under 18, but the traffic stop would have to be made for another offense, such as speeding, before a vehicle's occupant could be cited for smoking.
The smoking ban is the latest attempt by the state to shield people from the health risks created by breathing secondhand smoke. California already prohibits smoking in enclosed workplaces, including taverns and restaurants, and within 25 feet of … (10 comments)
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default: Are you Short on Equity and Low on Cash? - 12/31/07 11:27 PM
This is a very important question. Here are some more important questions:
Are you in trouble with your mortgage because you have had or are in a hardship? Are you in default with your mortgage? How is your credit? Have you contacted your lender to try to work out a plan to help you in this situation?Do you want to avoid foreclosure?Do you have to sell? Short Sale: Noted BenefitsIf you a yes to the questions above....You might want to consider a short sale. A short sale is when you owe more than the market value of your home. You fall short … (0 comments)
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default: The Raw Facts on Default, Pre-Foreclosure, Short Sale and Foreclosure - 12/30/07 12:42 AM
Below is a list of power-packed posts filled with informational facts about being in Default, finding yourself in the pre-foreclosure process and having to do a Short Sale and some helpful tips on how to avoid Foreclosure. By reading this information you will know the timelines, procedures, advantages and disadvantages of each stage. You will find options that will help this rocky road a little easier to control.
This will help homeowners/sellers that are in trouble and it will also help ready, willing and able buyers whether it be families looking for a new home or investors looking for investment deals.
Stats and … (13 comments)
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default: Can't afford your ARM Adjustment? Ask your lender for help. See sample letter. - 12/28/07 02:57 PM
Here is possibly a pro-active way to help prevent getting into foreclosure and also will help the HUGH ongoing Foreclosure problems in California's ~ San Joaquin, Stanislaus, Alameda Counties and the surrounding areas. Having the #1 Foreclosure rate coming right out of Stockton and with Modesto following with the #2 spot, contact your lender before you get into foreclosure.
It is the beginning of the year coming up and there is going to be a large number of ARM-adjusting and it will not be a pretty site. Take the steps to help yourself. What can you lose by asking?
If you find yourself … (10 comments)
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default: Owners have rights, Tenants have rights too-- all God's children got rights! - 12/04/07 02:48 AM
OK! I will admit that I am guilty of bashing the "tenants from hell" and I still stand on that. Tenants can ruin an owner's property in no time flat. I have seen and experience with several of my owners the aftermath of tenants gone bad.
HOWEVER, in defense of the tenants that are blind sided with the owner dropping in at announce that they are in default on their mortgage payments and will be putting the property up for sale! This has to be some really bad news at a really bad time. Tenants don't understand or wasn't aware that the owner … (4 comments)
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default: Short sale approval is not AUTOMATIC! - 12/01/07 10:08 AM
The last number I heard for Subprime loans that are in foreclosure: 161,540 for US.
There is nothing AUTOMATIC about short sales - they can STICK you and the STANDARDS can be different with each lender!
Let me tell you a couple of things about short sales/foreclosures
1. You decide you're going to sell your home at a loss by asking for a short sale. Although no one has written a concrete - book of rules that apply to short sale, there are rules that must be met in order to for a short sale. You need to know the rule of thumb. … (8 comments)
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default: Foreclosure "Last Minute" tips: Did you know? - 09/24/07 08:04 PM
This is about options right up to the last day/hour of a foreclosure. Up to 5 business days prior to Trustee Sale, you can reinstateyour mortgage. It is your responsibility to get in touch with the lender and make those arrangements. Get everything in writing and make sure you understand what you are agreeing to.
The first option is that you get enough funds together to catch up the loan by the 5 days prior to the Trustee Sale date deadline. Staying in touch with your lender is a good idea - keep the relationship open. The second option is that you get an … (2 comments)
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default: To Cure a Default - 09/15/07 11:55 PM
Many foreclosure proceeding are reinstated during the 3 month default period. Some are either sold and this is called a short sale if the property is upside down and lender agrees to take less that what is owed on the property. But you can cure a default with selling it.
The borrower or anyone with a subsequent interest in the property may pay the beneficiary or his authorized agent the amount necessary to cure the default. This amount will include delinquent payments, and advances and the fees and costs associated with filing the notice of default and other necessary documents.
Always call … (0 comments)
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